At a meeting of the Supervisory Board held following BMW AG’s Annual General Meeting, Dr. Nicolas Peter was elected chairman. 86.21 percent of shareholders had voted earlier to appoint Dr. Peter to the Supervisory Board for a four-year term.
Dr. Nicolas Peter served as a member of BMW AG’s Board of Management responsible for the Finance division from January 2017 to May 2023. He has extensive experience in the automotive industry and many years in a wide range of management positions at the BMW Group.
Dr. Peter has not held any position within BMW AG since 11 May 2023 and has therefore completed the two-year cooling-off period required by the German Corporate Governance Code.
The Annual General Meeting has also elected Dr. Marc Bitzer, Ms. Rachel Empey, Ms. Anke Schäferkordt, and Prof. Dr. Christoph Schmidt to the Supervisory Board for another four-year term.
The end of an era
An important chapter in the history of the BMW Group has ended this way: Dr. Norbert Reithofer, Chairman of the Supervisory Board of BMW AG since 2015 and closely associated with the company for nearly four decades, has stepped down from his position.
“After 38 years, it is time for me to say goodbye to the BMW Group. It has been an honour to be a part of this exceptional company. I would like to thank all our associates, shareholders, and stakeholders for your trust and support,” said Reithofer at the 105th Annual General Meeting of BMW AG. “Together, we have overcome tremendous challenges and celebrated unparalleled successes. I firmly believe that the BMW Group will continue to follow its own, unique BMW path.”
Dr. Reithofer has held various managerial positions at the company since 1 October 1987, starting as head of Maintenance Planning. From March 2000, he served as a Board of Management member, responsible for the Production division. In September 2006, Reithofer was appointed Chairman of the Board of Management, taking over from Helmut Panke. In May 2015, he succeeded Prof. Joachim Milberg as Chairman of the Supervisory Board.
Oliver Zipse, Chairman of the Board of Management of BMW AG, emphasised Reithofer’s significance to the BMW Group: “Dr. Reithofer is a major architect of the BMW Group’s success today. As Chairman of the Board of Management, he elevated all the company’s relevant key figures to a new level. As Chairman of the Supervisory Board, he always served as a valuable source of momentum and guidance, supporting the work of the Board of Management in a constructive, critical, and motivating way. His successful efforts will continue to shape the company’s course well beyond the end of his tenure.”
